InCorp Restructuring Services LLP secures NCLT approval for Darshan Group.
MUMBAI, India, July 18, 2025 /PRNewswire/ — In a major step forward for India’s urban renewal and insolvency landscape, the National Company Law Tribunal (NCLT), Mumbai Bench, has approved the resolution plan for the Consolidated Corporate Insolvency Resolution Process (CIRP) of the Darshan Group. This paves the way for one of suburban Mumbai’s most significant slum rehabilitation projects. The process was led by InCorp Restructuring Services LLP, an IBBI-registered IPE entity, and an associate of InCorp Advisory. It is among the first cases in the IBC real estate sector where 11 real estate entities of the Darshan Group were admitted into a consolidated CIRP process.
This marks a key milestone in resolving complex real estate assets in distress through the IBC framework. Jayesh Sanghrajka, the Managing Partner at InCorp Restructuring Services LLP (IPE), served as the Resolution Professional, leading the process from consolidation to resolution with stakeholder coordination. Piramal Capital & Housing Finance Ltd. was the sole financial creditor. The resolution pertains to a Slum Rehabilitation Scheme covering over 87,000 sqm in Andheri West (Mumbai), bringing better living conditions to more than 5,000 families residing in the slum area.
Talking about the resolution, Jayesh Sanghrajka said, “This resolution reflects what can be achieved when stakeholders come together with a shared purpose. It’s a strong example of how the IBC framework can be used to navigate and resolve complex real estate distress, bringing not just financial closure, but also long-awaited relief to thousands of families.”
The process, spanning nearly three years, addressed complexities including overlapping development rights, regulatory entanglements, and massive outstanding claims amounting to approximately INR 13,000 crore. Consolidation was permitted by the NCLT in 2023. The Resolution Plan, submitted by Shiv Infra Vision Properties Pvt. Ltd., a group entity of Aspect Global Ventures, received unanimous approval from the Committee of Creditors (CoC) and was sanctioned by the NCLT on June 27, 2025.
This resolution not only ensures financial revival but also marks a major social milestone by enabling long-stalled housing and infrastructure development for thousands of residents. It sets a valuable precedent for consolidated CIRP as an effective tool in addressing large-scale real estate distress.
About InCorp Restructuring Services LLP
InCorp Restructuring Services LLP is an Insolvency Professional Entity (IPE) recognized by the Insolvency and Bankruptcy Board of India (IBBI). The firm is driven by 15 partners across 10 cities in India. The partners have resolved stressed assets amounting to claims of over INR 35,000 Crore. The team collectively has experience across transactions for Banking, Debt Restructuring, Business Turnaround, Fundraising, and Mergers & Acquisitions. Having resolved 50+ assignments to date, the team brings deep sectoral expertise across industries such as Infrastructure, EPC, Real Estate, Solar, Engineering, Cable & Wire, Hospitality, Diamond, Textile, Pharmaceuticals, Steel, Healthcare, and Education.
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